Chilly weather forecasts lift Natural Gas
20/11/2014 09:36
Natural Gas futures extended gains in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a bullish trend in the overseas market after latest weather forecasts called for a blast of cold air sweeping the US in the coming weeks, lifting the demand outlook for the heating fuel.
About 49 per cent of US households use natural gas for heating purposes.
All eyes are on the weekly EIA supplies data to be released on Thursday which may show a withdrawal of 18 billion cubic feet in the week ended November 14, 2014.
At the MCX, Natural gas futures for November 2014 contract closed at Rs. 274.20 per mmBtu, up by 3.8 per cent, after opening at Rs 266.10, against the previous closing price of Rs 264.20. It touched an intra-day high of Rs 279.70.
20/11/2014 09:36
Natural Gas futures extended gains in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity tracking a bullish trend in the overseas market after latest weather forecasts called for a blast of cold air sweeping the US in the coming weeks, lifting the demand outlook for the heating fuel.
About 49 per cent of US households use natural gas for heating purposes.
All eyes are on the weekly EIA supplies data to be released on Thursday which may show a withdrawal of 18 billion cubic feet in the week ended November 14, 2014.
At the MCX, Natural gas futures for November 2014 contract closed at Rs. 274.20 per mmBtu, up by 3.8 per cent, after opening at Rs 266.10, against the previous closing price of Rs 264.20. It touched an intra-day high of Rs 279.70.
